Investment News Article Cites Schlichter Bogard & Denton’s Significant Impact on Retirement Marketplace
An article in Investment News this week opined that Schlichter Bogard & Denton, through its 401(k) lawsuits, “has made quite an impact on the retirement marketplace” by holding fiduciaries accountable for their conduct. As the article noted in describing the rise in popularity of collective investment trusts (“CITs”):
“The low-cost dimension of CITs has also caught the attention of famed litigator Jerry Schlichter, of Schlichter Bogard & Denton. Mr. Schlichter has made quite an impact on the retirement marketplace by holding fiduciaries accountable for being highly cost-conscious and diligent in choosing the most appropriate investments and service providers on behalf of plan participants.
At the end of last year, the Schlichter law firm filed suit in the case of Bell et al. versus Anthem Inc., alleging in part that lower-cost CITs should have been selected for Anthem's 401(k) plan instead of ‘identical’ higher cost mutual funds. The complaint alleges other fiduciary breaches as well, some of which appear to be CIT-related.”